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Turning marine prospects

Published:  03 February, 2017

GE BLOG - Digital Technologies Turning around Marine Prospects in Uncertain Waters. Author: Tim Schweikert, president & CEO, GE’s Marine Solutions

The start of every year calls for time to reflect on the last. The offshore and marine industry can look back on 2016 as one of the most bruising in recent memory. The downturn has been tough and drawn out, with increased divestment, more stringent environmental regulations and a prolonged shipbuilding cycle that has resulted in overcapacity.

However, challenges can be harnessed as a force for progress. The downcycle has pushed the industry to reshape its competitive landscape, probably a change that has been overdue. Looking forward, 2017 will not be an easy year; but recovery is on the horizon and it will be a time for critical decision-making and planning for the future.

Crucial to this will be ensuring fleet readiness, including how and when stacked assets can be cost-effectively reactivated. Ensuring optimal fleet performance to control costs and compliance with environmental regulations while reducing the level of reporting, where possible, will also remain top of the agenda for most ship owners and operators.

In a market that is still volatile, the timing of these decisions will be a challenge. The worst-case scenario is that, as an industry, we are not ready to make these decisions, or we are not adequately prepared to run with opportunities as the market recovers. It may be much talked about, but the time really is right for the digital revolution in offshore as the industry heads towards a new start. Digital solutions help to de-risk decisions, bring practical, actionable insights into vessel and fleet performance and provide proven opportunities to optimise operations in a sustainable way.

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